Shares of the battered coffee company have dropped below $20 and hit a fresh multi-year low. The latest downbeat catalyst comes from Stifel Nicolaus, which knocked down its full-year earnings estimate on Green Mountain by roughly 20%.

Stifel is particularly concerned that K-cup promotions from the likes of department stores, big-box retailers, drug stores and even discount retailers will continue pressuring K-cup pricing.

“A few pennies of reduced pricing has a meaningfully negative impact on earnings,” said Mark Astrachan, an analyst at Stifel Nicolaus. He estimates K-cups account for more than 90% of Green Mountain’s operating profit.

Additionally, increasing competition — stemming in part from key patent losses coming in September — will ultimately lead to declining market share for Green Mountain, he says.

Shares recently dropped 9.1% to $19.34. The stock has lost more than half its value this year and is down more than 80% since peaking in September.